The latest rental figures released by Daft.ie this week indicated that rents have fallen by as much as five per cent in Co Longford. Rents nationwide were five percent lower in the second quarter of 2012 than a year previously, the report also revealed and between April and June, the average advertised rent in the country was p809 per month, compared to p814 during the same period in 2011.
“The last twelve months have seen rents rise in Ireland’s major cities but continue to fall elsewhere,” author of the report Ronan Lyons explained, adding that rents in Dublin were up to two percent higher when compared to same period last year, as were rents in Cork city.
“In the Midlands counties of Laois, Westmeath, Offaly and Longford, rents fell by 2.7 per cent, between the second quarter of 2011 and the same period in 2012. In Longford, rents in the second quarter of 2012 were five percent lower than a year previously. The average rent is now p443, a fall of 28 percent from the peak.”
Mr Lyons went on to say that supply conditions were becoming “tighter” and this was the third summer in a row where there were fewer rental properties on the market.
“This is the third summer in a row where there were fewer properties available to rent nationwide at any one time,” he added. “This is particularly the case in Dublin, which means that some prospective tenants may find that they have to live further out than expected.
“With CAO points out this week, the latest figures will make interesting reading for new and returning college students. Between 2007 and 2010, rents fell steadily but since then have on average changed little.”
Commenting on the report, USI President John Logue said: “Rents are still down 25 percent from their peak in 2007, meaning students are now at a significant advantage compared to their boom- time peers. Savings in rents provide a rare comfort to families that are faced with ever-increasing costs.”
Daft.ie is Ireland’s largest property website. The latest audited report from ABC (September 2011) shows traffic of 137,814,174 million page impressions (pages of information received) and 1,976,375 unique users per month across Daft Media’s property websites (daft.ie, rent.ie, let.ie, property.ie). Daft.ie is the number one property website in Ireland across all demographics, from first-time-buyers to commercial property investors.